February 1 2021
In October 2016, the Federation of Nautical Industries (FIN) broke the contract that had been entrusting the Anglo-Dutch multinational Reed with the organisation of the Paris and Cannes boat shows since 1998. As soon as the contract was terminated, the FIN brought an action before the Tribunal de Grande Instance de Paris (TGI), because a clause in the contract provided that, in the event of termination, Reed would operate the Yachting Festival de Cannes until... 2041 !!
On January 8, 2019, the Court granted FIN's claims, ruling that the disputed clause was null and void and that the contract was terminated as of December 20, 2016.
This decision in favour of the Fédération des Industries Nautiques was reinforced by the fact that the Paris Tribunal de Grande Instance rejected Reed's request to be recognised as the owner of the Yachting Festival.
Reed has appealed against this decision.
The appeal hearing took place on January 21, 2021 in the presence of Yves Lyon-Caen, President, and Fabien Métayer, General Delegate of the FIN, and set the date of the deliberation for April 15, 2021.
"This decision, expected in mid-April, is of capital importance for the nautical industry. Whatever happens for the Nautical Industries Federation, our first objective will be to preserve the next edition of the show. We are counting on the professionalism of all the actors to act in the interest of the exhibitors and the city of Cannes as soon as this decision is known. ", declared Yves Lyon-Caen on ActuNautique Yachting Art.